Codebook for "Lobbying as Insurance: Evidence at the Aggregate and Industry Sector Levels" by Scott H. Ainsworth and James E. Monogan III

Our Dataverse page contains three files of primary interest: insurance.R is replication code required to reproduce all analysis, tables, and figures from the paper using the program R. sectorLobbying.csv contains all of the data used to make graphs of sector-specific information on lobbying. annualData9818.csv contains all of the data used to analyze the relationship between hedge fund investments and lobbying. 

The variables in sectorLobbying.csv are as follows:
* industry: A descriptive label of which sector is being observed.
* year: The year of observation, ranging form 1998-2018. (Note that 2018 values are early estimates.)
* clients: The number of clients (firms or nonprofits) which employ lobbyists in a sector.
* spendingNominal: The amount of spending on lobbying in a sector, in billions of current dollars (e.g., not inflation adjusted). 
* lobbyists: Number of lobbyists employed in a sector.
* inflation2017: Adjustment coefficients used to chain spending figures to 2017-equivalent dollars.
* spendingChained: The amount of spending on lobbying in a sector, in billions of chained 2017 dollars. 

The variables in the dataset annualData9818.csv are as follows:
* year: Year of observation, ranging from 1998-2018. (Note that 2018 values are early estimates.)
* var2008: Indicator variable coded 1 in year 2008, 0 otherwise.
* inflation2017: Adjustment factor to convert nominal dollars into chained 2017 dollars. Calculated by Robert Sahr (Oregon State University.
* totallobbymoneyORIGINAL: Lobbying spending in nominal billions of dollars for each year. These are the original figures that have not been adjusted for inflation. Recorded by the Center for Responsive Politics.
* AUMHedgeFundsORIGINAL: Hedge fund assets under management in nominal billions of dollars for each year. These are the original figures that have not been adjusted for inflation. Data from Barclay Hedge.
* AUMneutORIG: Hedge fund assets under management in nominal billions of dollars for equity market-neutral funds. These are not inflation adjusted.
* budgetORIGINAL: Federal government outlays by year in billions of nominal dollars. Data from the Office of Management and Budget.
* gdpORIGINAL: United States gross domestic product, in billions of nominal dollars, in a given year. Recorded by the Bureau of Economic Analysis. 
* totallobbymoney: Billions of dollars spent on lobbying in Washington, DC.  Chained 2017 dollars.
* AUMHedgeFunds: Total assets under management, in billions of dollars, by hedge funds in a given year. Chained 2017 dollars.
* AUMneut: Hedge fund assets under management in billions of chained 2017 dollars for equity market-neutral funds.
* budget: Federal government outlays by year. Chained 2017 billions of dollars.
* gdp: United States gross domestic product, in billions of chained 2017 dollars, in a given year.
* lobbyists: The total number of lobbyists employed in Washington, DC in a given year. Reported by the Center for Responsive Politics.
* employers: The total number of clients (firms, nonprofits, etc.) which hire lobbyists in Washington, DC in a given year. Reported by the Center for Responsive Politics.
* Dtotallobbymoney: Change from the prior year to the current year in total lobbying spending.
* DAUMHedgeFunds: Change from the prior year to the current year in hedge fund assets under management.
* DAUMneut: Change from the prior year to the current year in equity market-neutral hedge fund assets under management.
* Dbudget: Change from the prior year to the current year in the federal budget.
* DGDP: Change from the prior year to the current year in U.S. GDP.
* Dlobbyists: Change from the prior year to the current year in number of lobbyists.
* Demployers: Change from the prior year to the current year in number of clients who employ lobbyists.
* healthLobbyORIGINAL: Lobbying spending by the health industry in nominal billions of dollars for each year. Not inflation adjusted.
* techLobbyORIGINAL: Lobbying spending by the technology industry in nominal billions of dollars for each year. Not inflation adjusted.
* eventIndex: Annual rate of return for event-driven hedge fund index.
* equityIndex: Annual rate of return for market equity-neutral hedge fund index.
* longShortIndex: Annual rate of return for long-short hedge fund index.
* healthIndex: Annual rate of return for health investment hedge fund index.
* techIndex: Annual rate of return for technology investment hedge fund index.
* healthLobby: Lobbying spending by the health industry in chained 2017 billions of dollars for each year.
* healthClients: The total number of clients (firms, nonprofits, etc.) from the health sector which hire lobbyists in Washington, DC in a given year.
* healthLobbyists: The total number of lobbyists representing health interests employed in Washington, DC in a given year.
* techLobby: Lobbying spending by the technology industry in chained 2017 billions of dollars for each year.
* techClients: The total number of clients (firms, nonprofits, etc.) from the technology sector which hire lobbyists in Washington, DC in a given year.
* techLobbyists: The total number of lobbyists representing technology interests employed in Washington, DC in a given year.
* DhealthLobby: Change from the prior year to the current year in health industry lobbying spending.
* DhealthClients: Change from the prior year to the current year in the number of clients in the health industry who employ lobbyists.
* DhealthLobbyists: Change from the prior year to the current year in the number of lobbyists working for the health industry.
* DtechLobby: Change from the prior year to the current year in technology industry lobbying spending.
* DtechClients: Change from the prior year to the current year in the number of clients in the technology industry who employ lobbyists.
* DtechLobbyists: Change from the prior year to the current year in the number of lobbyists working for the technology industry.
* allHedgeReturn: Average annual rate of return for hedge funds that publicly report. Computed by Barclay Hedge.
